Real estate purchases cool

Overall mortgage applications fell 4 percent last week on a seasonally adjusted basis, according to the Mortgage Bankers Association's weekly survey. The MBA seasonally adjusted purchase index decreased by 6.1 percent to 440.3 from 468.8 the previous week. The seasonally adjusted refinance index decreased by 0.7 percent to 1,651.1 from 1,662.4 one week earlier. The refinance share of mortgage activity increased to 37.1 percent of total applications from 35.8 percent the previous week. The adjustable-rate-mortgage share of activity decreased to 31.3 percent of total applications from 31.5 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages increased to 5.96 percent from 5.95 percent one week earlier. Points including the origination fee decreased to 1.32 from 1.35 the previous week for 80 percent loan-to-value ratio loans. The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.34 percent from 5.36 perce...